Iran’s oil exports have climbed to a five-year high in recent months, as the country sells vast quantities of cheap oil to countries such as China to earn big bucks, hurting Saudi Arabia’s efforts to cut output to boost prices.
According to data from commodity data providers Kpler and Petro-Logistics, Iran’s crude oil exports averaged about 1.6 million barrels per day in May and June, more than double that of a year ago and the highest level since the US reimposed sanctions on Iran in 2018. the highest level.
Kpler data showed Beijing directly imported about 359,000 bpd of oil from Iran in May, up from 266,000 bpd a year earlier. Industry sources said the actual sales figure could be much higher because Iran transships oil through other Asian or Middle Eastern countries.
Iranian officials say the country’s oil is about $30 a barrel cheaper than Persian Gulf rivals including Saudi Arabia, allowing them to compete with cheap Russian oil.
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